The paper addresses the issue of how debt deflation may arise in a capitalist economy with a sophisticated credit system. It argues that the standard argument of debt deflationists, that debt-financed investment causes a build-up of unsustainable investment, fails to recognise that debt is back...

As a response to many partial and over-simplistic theoretical and empirical studies, this paper presents a more comprehensive analytical framework for assessing the success of microfinance in achieving its dual objective of financial sustainability and poverty reduction. By giving centre stage...

Neither the literature on outsourcing nor the literature on the impact of information technology (IT) have previously quantified the effects of IT outsourcing. This is a particularly important omission in India, which has an IT outsourcing industry that is well placed to bring world-class...

This paper examines the effects of technology accumulation on firm-level technical efficiency in the Sri Lankan clothing and agricultural machinery industries, using cross-section survey data. Econometric analysis of the economic effects of technology development in developing countries is...

In the late 1990s the bilateral and multilateral development agencies placed increasing emphasis on poverty reduction in developing countries. This emphasis led to the establishment by the United Nations of the so-called International Development Targets for poverty reduction. The achievement of...

This paper re-examines the debate on whether socialism is feasible from the perspective of the literature on the division of labour and organisational forms. Our central argument is twofold. First, each of the major protagonists in the debate provide a partial explanation as to when market...

Is it possible to bail Japan out of its lingering financial slump by the means of transition to an Anglo-American financial system and a convergence to Basel pragmatism? This paper argues that the imprudent convergence to an Anglo-American type management in credit risks without the...

There is a considerable literature on the growth performance of the sub-Saharan countries, which tends to focus on average rates of growth over shorter or longer periods. This paper demonstrates that a key characteristic of the countries of the sub-Saharan region is the instability of growth...